Armenian Media Claim Stockholm Chamber of Commerce Blocks Armenia’s Nationalization of Electric Networks

An international arbitration tribunal convened under the Stockholm Chamber of Commerce has ruled in favor of Russian-Armenian billionaire Samvel Karapetyan and his family, halting Armenia’s bid to nationalize the Electric Networks of Armenia (ENA), Orda.kz reports, citing PanARMENIAN.Net.

The emergency measure requires Armenia to suspend the implementation of recent nationalization legislation.

The case was triggered after Prime Minister Nikol Pashinyan’s government announced in mid-June plans to nationalize ENA, following Samvel Karapetyan’s public defense of the Armenian Apostolic Church and subsequent arrest on charges of allegedly calling for a government overthrow. 

Formal notice of an investment dispute was filed under the 1995 Armenia–Cyprus Investment Agreement, citing unlawful, politically motivated expropriation of ENA and warning of full compensation claims, writes Public Radio of Armenia.

According to PanARMENIAN.Net, the tribunal expressed concerns over Armenia’s non-compliance with its international obligations, emphasizing the risk of “irreparable harm” to the Karapetyans.

Tashir Group, led by Karapetyan, acquired ENA in 2015 and claims to have invested heavily in modernization—reducing energy losses and saving Armenia some $30 million annually. 

Nevertheless, Armenia’s ruling party pushed through legislation under emergency procedures empowering the state to assume control of ENA’s operations.